Phelan Releases `88 Federal Tax Return

December 24, 1989|By Thomas Hardy, Political writer?

Winnetka attorney Richard Phelan released copies of his 1988 federal income tax return Friday, disclosing a law practice income of more than $600,000, and he challenged his Democratic rivals for Cook County Board president to do the same.

In a joint return with his wife, Carol, Phelan reported a combined income of $702,056 for 1988, when he spent part of eight months working as special counsel in the investigation of former House Speaker James Wright (D., Texas). Phelan`s wife, an architect, earned $40,000 of their income, a campaign spokesman said, and Phelan`s salary came from his practice and partnership interest in the law firm of Phelan, Pope & John, 180 N. Wacker Dr.

The couple received another $54,654 in taxable and tax-exempt interest and refunds.

After deducting $201,186 for capital gains loses and depreciation from other investments, Phelan reported an adjusted gross income of $555,524.

After standard deductions brought the couple`s taxable income to $464,781, the Phelans wound up paying $141,237 in federal taxes for 1988. They received a refund for $22,878 in tax withholding overpayment.